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Personal Taxation in Turks & Caicos Island
 
 
 
Turks & Caicos Islands is a tax neutral jurisdiction. There are therefore no income or capital gains taxes. Under the National Insurance Ordinance 1991, every person gainfully occupied in Turks & Caicos Islands either as an employed or self-employed person is insured. The scheme is funded through contributions by employers and employees and self-employed persons. In the case of employed persons other than public officials, the rate of contribution is 8% of earnings, 4.6% payable by the employer and 3.4% by the employee. For public officials, the contribution rate is 6.5% of earnings, 4.025% of which is payable by the employer. For a self-employed person, there is a flat rate contribution of 5.5% of earnings. No contribution is payable on any part of earnings exceeding $600 per week in the case of a weekly paid employee or $2,600 per month in the case of a monthly paid employee. Similarly, under the National Health Insurance Ordinance 2009, every person gainfully occupied in Turks & Caicos Islands either as an employed or self-employed person is insured. Again the scheme is funded through contributions by employers and employees and self-employed persons. In the case of employed persons the rate of contribution is 2.5% of earnings up to $7,800 per month for both the employee and employer. For a self-employed person, there is a flat monthly rate of $250 per month unless the self-employed person provides evidence of their monthly earnings that support paying a reduced rate.
 

 
 

 



 


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